by Ed Steer, Casey Research:
As you’re already aware, gold got sold down by the high-frequency traders in the illiquid Far East market on their Friday afternoon. This got quickly reversed the moment that the jobs report came out at 8:30 a.m. EDT in New York.
A seller of last resort appeared almost instantly…and about twenty minutes later, the high of the day was in…and after that, the gold price didn’t do much for the remainder of the New York trading session.
The 8:30 a.m. EDT low tick was reported by Kitco as $1,282.70 spot…and the high tick about twenty minutes later was recorded as $1,319.70 spot…a $37 move in twenty minutes.
The gold price finished the Friday trading session at $1,313.50 spot…up $4.60 from Thursday’s close. Net volume was way up there at 206,000 contracts